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Today's notice is another example of shrewd , if cautious financial planning from Jet2 .

They do not pay substantial dividends.

They do not buy back their shares .

The convertible bond offering was made in 2021 when the SP was similar to now and interest rates where somewhat lower, so bondholders have not made much of a profit and are unlikely to do so in the remaining term. The conversion SP isn't going to add much, if anything, to returns for holders.

I would therefore expect a substantial take-up of the offer.

The net effect on Jet2's cash assets is not great , IIRC Jet2 have more than £2bn deposits, and they clearly see this as prudent use of the cash.

In effect, this is a share buyback , although sensibly being done when the SP is low unlike many companies buying back shares at or near the top of the market.

I approve and am adding on dips.

I've been having a look at MS's recent transactions in BT and these are my conclusions.

First, they are operating on someone else's behalf, whether it's Bharti, Drahi, DT or Altice cannot be established.

Second, almost all of the positions are " funny money" ie they're options or swaps, which give the right to acquire shares but DO NOT convey ownership.

Third, this echoes the means by which Drahi was able to create a large notional position in BT without his name appearing on the register.

What, if anything, does it mean? Well, if we accept that this is not about making a quick buck based on SP fluctuations someone, somewhere is still interested in building the potential for a significant holding in BT. Is it an existing major holder, or someone else? who knows?

As reported, I am not currently a holder but, having bought and sold several times over the last decade or more , I am an interested observer and , should the SP fall back another 10%+ I'll be a buyer again. The dividend remains attractive and reliable and the downside is limited.

I'll watch and wait.

HI, all, I'm recently back from spending most of the winter in OZ and NZ. While there I spent a week in Perth, which has a reasonable claim to be the mining capital of the world. AAL, BHP, Rio, Fortescue all have mega offices there. Via a family member I have some contacts there and this is my take on the BHP/AAL takeover story.

First, the deal is NOT off, BHP are mildly amused that AAL's response to the bid is to undertake the messy divestment activities that BHP were planning. In fact , divesting thermal coal, platinum and nickel might be more than BHP would have done, though of course De Beers is the millstone that AAL have to deal with and its value is receding daily.

Everyone expects BHP to bid again and that they may in fact, pay relatively more for the copper assets than before, that won't necessarily mean more cash as the rump of AAL will be somewhat less valuable.

Timescales now depend on AAL's divestment success, but BHP are very wary of delaying and allowing someone else to bid, GLEN, or even a Chinese bidder , tho' that is VERY unlikely to be allowed by the Aussie gov..

As an aside , when I mentioned Woodsmith, I was met with Blank stares, so I fear for its viability.

I have bought a few AAL again, and will add if, as I suspect the SP drifts down , tho' I don't expect to get them below £20 as I did a while ago.

watch this space ,

And GLA

In general, with Typical Aussie bravado , everybody I spoke to expects the mining bonanza which support Australias economy to continue for some considerable time yet

I have given up trying to predict short-term SP movements, and this morning's fall shows why. Bot-driven trading means that all moves, whether up or down, are magnified as the robotic herd panics. For me, this is an opportunity to add stock at a lower price than my average in a sound, well-managed company in a boring, unsexy area of business.

GLA

Look pretty good overall, all metrics up in low double figures, PTP £203m,EPS 149.6,final divi 69p, up 11.3%. Expanding production facilities , still talking of 3000+ shops in the medium term. This is a very well run business, in a market sector which is rapidly growing.

Becuase they run on tight margins , this is never going to be an enormously profitable business , but , in the current climate , stability is to be welcomed. I hold and have been adding lately , at what I consider to be an undervalued SP. As to todays market response, I have no idea, markets are currently all over the place, BUT as a LTH I see this as a sound hold.

I have sold today as the SP reached my intended exit point (160p). That DOESN'T mean I see no upside from here , what it does mean is that with a 50% profit(including divis), I'm happy to move my money elsewhere where I see much more likely upward movement. I may be wrong(it's happened before!) but I don't see BT rising sharply from here, the negativity in the market generally and around BT in particular suggests no obvious catalyst for an upswing in the medium term future. I'll be moving the cash into minerals and oil where I think the last few years of negativity are beginning to fade.For those who remain invested I wish you well.

If you look at Jet2's accounts you will see that they generate a significant amount of their profits by shrewdly managing their cash. For example, in the last half year, OP was £701m of which £98m was finance income, ie cash on deposit. I am personally not a fan of buybacks as the evidence that they increase the Sp is thin. However, what is clear is that year after year, banking customer deposits adds significantly to profits. I have taken advantage of the recent unjustified SP fall based on concerns brought about by honest, IMV over-cautious comments to the market. I have held for some considerable time and intend to continue to do so.

This is the key line from this mornings (or late afternoon here in Perth WA) rns

"We anticipate returning to shareholders a proportion of the capital not deployed on strain this year"

Probably as a share buyback , but maybe a divi bump?

Arees , I'd suggest it is informed speculation,, let's wait and see.

There is a lot of talk in the US about the Trump presidency's' appointment of Elon Musk to run a Dept devoted to government waste.

So what's it got to do with BT?

Well, sensible people in the US (there are a few) have been worrying about the quantity of US debt and the enormous repayments it incurs(almost a third of US Gov expenditure). A simple, radical and possibly catastrophic solution is to drive down interest rates via the Fed. At a stroke that would lower repayment costs and, if the logical next step of retiring expensive debt to replace it with cheaper is taken, then within a short period of time, Federal costs would plummet.

The knock-on effects would mean that most other countries could/would/should? follow.

Costs for everybody, governments and businesses would fall. heavily indebted businesses would see sharp reductions in costs and an equally sharp increase in profits.

BT is such a business........

It may also kick start another mega melt up in stock prices in the US and around the world.

Will it happen?

Will it work?????

Will the consequences be catastrophic or benign....I don't know but I'll be watching.

Two intelligent posts in a row and one from South Shields??. One other observation is that cash held on deposit provides a steady, mid-single-digit return with interest rates where they are, which is another convenient addition to the bottom line.

Still in a growth phase, my best-ever investment, AMZN has NEVER PAID a dividend, I don't care I bought it at $40 in 2005, sold last year.

Couer... the Co' is suggesting that analysts are seriously underestimating PTP.....

Here it is

https://www.londonstockexchange.com/news-article/JET2/half-year-report/16774486

At first glance, it looks better than my hopes (which were admittedly, high) broadly 20% up across the major metrics, still growing rapidly and with management expectations that there is still much growth to come. One effect is of course that the Co. will redeploy its cash to fund that growth and so any significant returns to investors depend on a rising SP, as dividends are paltry. I can live with that, this is one of my better performers for the year and I expect it to be so next year, and the next and maybe........

I've just sold at 885, not that I necessarily think that's the high BUT I'm partial to a significant profit, and I am starting this year's end-of-year tidy-up (too soon? Yes but I will be out of contact for much of the next three months and the risks of a sharp reversal are there). My sale suits my personal investing style, Those who continue to hold I wish well.

There's no disguising that the results were poor , but maybe not quite as bad as the market had expected. BUT, put into context, a world renowned brand and a company which had a MC of three times the current £3bill only a year ago , may have been oversold . Regardless of the numbers, the brand is still very valuable and if, as the CEO suggests they are "going back to their knitting" then maybe we have seen the bottom.NONE of us know and ,a little secret ,NOR DO the professionals,and the HFT trades which magnify SP ocillations are becoming easier to read. I have wavered in the last few days but am holding and will now do so unless/until the SP is signifcainly higher or the , still possible , bid emerges.

Https://www.londonstockexchange.com/news-article/BA./trading-statement/16759253

Looks sound, re-iterates existing guidance

sales +12-14% 2023 £25.28bill

EBIT +12-12% 2023 £2.68bill

EPS +7-9% 2023 63.2p

Order intake£25 bill ie roughly one FY revenue,

IIRC they have about 3 years of orders booked.

I have given up trying to anticipate market reaction but I'd be surprised if it was anything but mildly positive. I hold here and will continue to hold, I think explosive SP growth is unlikely and may be volatile depending on the incoming US president's actions WRT Ukraine, if peace breaks out ( and I seriously hope it does) it might be negative here, I'll continue to hold, 'cos I think the western world has been shocked by the last few years and increased defence spending is the new normal.

The surprise is that the SP hasn't crashed, it may yet do so , BUT perhaps the recent rise wasn't entirely down to the rumours. I am happy to hold, even though the SP might lurch further down. Once the potential takeover rumours dissipate, I still think a medium-term recovery is on the cards here.

When people closely connected, who have access to the accounts are buying on their own or a related party account , its a fairly safe bet that the company won't go broke. I am therefore comfortable that my significant top-up on Friday is a sound investment. The vagaries of the market mean that a fall from current levels is possible, but IMV improbable, I think a bottom is in. I am (just) in the black now, but happy to hold medium term for recovery, re-evaluation or even an opportunist bid.

The link doesn't appear to work but if you're interested, the text gives you enough to search.